Stanford Marine Announces Doubling of Revenue Over Two Years

by Hans | April 19th, 2012

Fleet Value Increases by US$ 200 million

Dubai, UAE, 18 April 2012: Stanford Marine, a leading regional marine business headquartered in Dubai, today announced the successful completion of its newbuild program and delivery of its 10th high-spec Offshore Support Vessel. The completion of the program concludes a strategic growth initiative established by Stanford Marine which has increased the fleet value by US$ 200 million and resulted in a doubling of revenue and EBITDA.

The vessels in the newbuild program which include 2 deep water 87m large platform supply vessels (PSVs), 2 mid size 70m PSVs, and 6 mid size 58m PSVs were successfully placed on medium to long-term charters in the Middle East, South East Asia and East Africa, further augmenting the company’s customer base. The completion of the newbuild program, which was initiated in 2010, marks an important milestone in Stanford Marine’s expansion strategy and enables the company to reduce the age of its fleet with the integration of state of the art vessels, enhance its fleet mix with expanded capabilities in deep water services and expand its geographical footprint by establishing operations in East Africa.

“We are very pleased to announce these strong financial results for Stanford Marine. With a larger and rejuvenated fleet of 40 vessels in operation, spanning the Middle East to East Africa and South East Asia, Stanford Marine continues to consolidate its position as one of the leading players in the industry. We look forward to an exciting year ahead and executing on an ambitious growth plan that will extend our reach into new markets”, said Elias Nassif, Chief Executive Officer of Stanford Marine Group.

Vincent Weve, General Manager, Stanford Marine added, “Stanford Marine has been able to capitalize on the growing demand for high quality and reliable Offshore Support Vessels.  This is reflected in the company’s exponential growth and investments in upgrading our fleet to keep up with the increasing demand for our services.” 

About Stanford Marine: Stanford Marine, a prominent Offshore Supply Vessel (OSV) owner and operator in the Arabian Gulf, South East Asia, India and Africa, is part of Stanford Marine Group (SMG), which also owns Grandweld, the leader in shipbuilding and ship repair in the Arabian Gulf focusing on the OSV segment. SMG is 51% owned by a Fund managed by Abraaj Capital and 49% by Abu Dhabi-listed Waha Capital. For further information please visit: www.StanfordMarineGroup.com

For further information, please contact:
Hind Khawaja
Marketing Coordinator
Stanford Marine Group
Email: hind.k@stanford-marine.com
Tel:                +971 4 380 8001        

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